Wall Street Might Open Significantly Higher

Nvidia's robust performance in the third quarter might boost investor sentiments on Thursday. Despite fears about AI bubble, Nvidia's valuation remains firm. The upcoming fourth quarter revenue for the chip maker is expected to beat Wall Street estimates.

Economic announcements, especially the September jobs report might also get much attention today.

In the Asian trading session, the dollar gained, while gold ticked lower.

Early signs from the U.S. Futures Index suggest that Wall Street might open significantly up.

As of 7.35 am ET, the Dow futures were progressing 264.00 points, the S&P 500 futures were adding 76.25 points and the Nasdaq 100 futures were gaining 389.00 points.

The U.S. major averages finished higher on Wednesday. The tech-heavy Nasdaq closed up 131.38 points or 0.6 percent at 22,564.23 but had surged by as much as 1.7 percent in early trading. The S&P 500 also rose 24.84 points or 0.4 percent to 6,642.16, while the narrower Dow inched up 47.03 points or 0.1 percent to 46,138.77.

On the economic front, the Employment Situation for September will be released at 8.30 am ET. The consensus for non-farm payrolls is 50,000, while private payrolls are expected to be up 60,000. Manufacturing payrolls might decline by 5000. Unemployment rate is projected to increase by 4.3 percent. Average hourly earnings might improve by 0.3 percent and average workweek is expected to be 34.2 hours.

The Jobless Claims is scheduled at 8.30 am ET.

The Philadelphia Fed Manufacturing Index for November will be issued at 8.30 am ET. The consensus is 0.0, while it was down 12.8.

National Association of Realtors' Existing Home Sales will be revealed at 10.00 am ET.

The Leading Indicators for October will be issued at 10.00 am ET. The consensus is minus 0.3 percent.

The Quarterly Services Survey for the third quarter is scheduled at 10.00 am ET. In the prior quarter the selected services revenue was up 2.2 percent.

The Energy Information Administration or EIA's Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the gas stock was up 45 bcf.

Two-year Floating Rate Note or FRN, 2-year, 5-year and 7-year Treasury Note auction will be published at 11.00 am ET.

The Kansas City Fed Manufacturing Index for November will be released at 11.00 am ET. In October, the level was at 6.

Ten-year Treasury Inflation-Protected Securities or TIPS auction is scheduled at 1.00 pm ET.

The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the Level was up $6.581 trillion.

Asian stocks rose broadly on Thursday. China's Shanghai Composite index dropped 0.40 percent to 3,931.05. Hong Kong's Hang Seng index closed marginally higher at 25,835.57.

Japanese markets finished higher. The Nikkei average ended the session up 2.65 percent at 49,823.94. The broader Topix index settled 1.66 percent higher at 3,299.57.

Australian markets rebounded from five-month lows. The benchmark S&P/ASX 200 rose 1.24 percent to 8,552.70 while the broader All Ordinaries index closed up 1.29 percent at 8,834.

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